Bitcoin’s Latest Casualty: Miner Reserves Plunge to 3-Year Low, What’s Next For BTC?

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Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows Bitcoin Miner Reserves: A Plunge To 3-Year Low Following the latest Bitcoin Halving—an event that reduced the block rewards miners earn for their computational efforts—which occurred back in April, the total Bitcoin reserves held by miners have plunged to a three-year low.

Particularly, recent data shows a stark reduction in Bitcoin reserves held by miners, signaling potential shifts in market stance or miner strategies.

Bloomberg, citing reports from the US Securities and Exchange Commission, noted:  [P]ublic mining companies have actually increased their holdings of Bitcoin by 60% to 54,000 tokens since January 2023.[…] Marathon Digital Holdings Inc.recently reported that it bought $100 million worth of Bitcoin.

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Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Halving Bitcoin market Crypto Bloomberg BTCUSDT Bitcoin Bitcoin miners Crypto market Kaiko Bitcoin analysis Bitcoin Btc

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-09 @ 05:00:16 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 417 words

Reading Time: 3 minutes read

Sentences: 69 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21995801

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About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

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Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 11 hours ago

Coverage Areas: United Kingdom

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